Xcel chapter 3 - Study guides, Class notes & Summaries

Xcel chapter 3 Exam Questions and Answers All Correct Ambiguities in an insurance policy are always resolved in favor of the - Answer-insured The authority granted to a licensed producer is provided via the - Answer-law of agency is NOT an element of a valid contract. - Answer-countersignature Insurable interest does NOT occur in which of the following relationships? - Answer- business ower and business client What is implied authority defined as? - Answer-Authority that is not sp...

XCEL CHAPTER 7 EXAM QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED GRADED A+ When does a life insurance policy typically become effective? A. When the policy is issued B. When initial premium is collected and policy is issued C. When the application is completed and signed D. When the completed application is signed and initial premium is collected When initial premium is collected and policy is issued What is the purpose of the Medical Information Bureau (MIB)? A. To accept or decline i...

XCEL SOLUTIONS CHAPTER 3 - POLICY PROVISIONS EXAM | QUESTIONS & ANSWERS (VERIFIED) | LATEST UPDATE | GRADED A+ A potential client, age 40, would like to purchase a whole life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct? Correct Answer: 20-pay life accumulates cash value faster than straight life D owns a whole life policy that was purchased 10 years ago. If the premium paym...

Excel Chapter 3, questions and answers, latest updated worksheet tabs the labels along the lower edge of the workbook window that identify each worksheet tab scrolling buttons controls to the left of the worksheet tabs used to display worksheet tabs that are not in view serial number a sequential number assigned to a date clipboard a temporary storage area for text and graphics drag and drop a method of moving or copying the content of selected cells in which yo...

XCEL Chapter 7 Test Questions with Correct Answers When does a life insurance policy typically become effective? A. When the policy is issued B. When initial premium is collected and policy is issued C. When the application is completed and signed D. When the completed application is signed and initial premium is collected - Answer-When initial premium is collected and policy is issued What is the purpose of the Medical Information Bureau (MIB)? A. To accept or decline insurance app...

A potential client, age 40, would like to purchase a whole life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct? Correct Answer: 20-pay life accumulates cash value faster than straight life D owns a whole life policy that was purchased 10 years ago. If the premium payment suddenly stop and D takes no additional action, which nonforfeiture option will be insurer likely proceed with?...

A potential client, age 40, would like to purchase a whole life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct? Correct Answer: 20-pay life accumulates cash value faster than straight life D owns a whole life policy that was purchased 10 years ago. If the premium payment suddenly stop and D takes no additional action, which nonforfeiture option will be insurer likely proceed with?...

XCEL Chapter 7 Review Practice Test. When does a life insurance policy typically become effective? A. When the policy is issued B. When initial premium is collected and policy is issued C. When the application is completed and signed D. When the completed application is signed and initial premium is collected - CORRECT ANSWER When initial premium is collected and policy is issued What is the purpose of the Medical Information Bureau (MIB)? A. To accept or decline insurance applican...

XCEL Chapter 2 - Nature of Insurance Already Graded A+ 1. How do insurers predict the increase of individual risks? ️ Law of large numbers 2. Which of the following is considered to be an event or condition that increases the probability of an insured's loss? ️ Hazard 3. An example of risk sharing would be: ️ Doctors pooling their money to cover malpractice exposures 4. All of the following are examples of pure risk EXCEPT? ️ Losing money at a casino 5. What ...

Excel Chapter 3